Nucor Analysts Cut Their Forecasts After Q3 Earnings

After the closing bell on Monday, Nucor Corp NUE reported better-than-expected third-quarter financial results and announced it expects its fourth-quarter earnings to decline to $1.05 per share.

Nucor reported quarterly earnings of $1.49 per share, which beat the analyst consensus estimate of $1.47. Quarterly revenue came in at $7.44 billion, which beat the analyst consensus estimate of $7.28 and is a decrease from sales of $8.78 billion from the same period last year.

"Thank you to our Nucor teammates for continuing to set new records for safety performance while generating over $1.30 billion of cash from operations for the quarter," said Leon Topalian, Nucor's CEO. "Nucor's market leadership, product diversity, and strong balance sheet enable us to provide meaningful returns to shareholders and execute our growth strategy even in the face of market uncertainty."

Nucor said it expects its fourth-quarter earnings to decline to $1.05 per share amid decreased steel mill segment earnings caused by lower average selling prices and decreased volumes.

Nucor shares fell 2.6% to trade at $142.35 on Wednesday.

These analysts made changes to their price targets on Nucor following earnings announcement.

• Morgan Stanley analyst Carlos De Alba maintained Nucor with an Overweight and lowered the price target from $170 to $166.
• JP Morgan analyst Bill Peterson maintained the stock with an Overweight and lowered the price target from $170 to $168.

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